MIRA INFORM REPORT
|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDECA SPORTING GOODS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Uniworth Plaza, #20, Sankey Road,
Bangalore-560020, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
01.05.2006 |
|
|
|
|
Com. Reg. No.: |
08-039189 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 11.000 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U52398KA2006PTC039189 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI02723A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Sports Goods |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Management of the company has failed to file to latest financial with
government department. As per previous of 2011, financial position of the
company appears to be satisfactory. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Abdul Rajak |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-80-25741502 |
|
Date : |
30.08.2013 |
LOCATIONS
|
Registered Office : |
2nd Floor, Uniworth Plaza, #20, Sankey Road,
Bangalore-560020, Karnataka, India |
|
Tel. No.: |
91-80-25741502 |
|
Fax No.: |
91-80-26785989 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
P28, Blocka, 2nd Floor, AV Nahindra World City Nathan Sub
Chengalpet, Kanchipuram – 603002, India |
|
|
|
|
Factory : |
8th Floor, Block – B, Vatika Tower, Sector – 54, Gold
Course F, Gurgaon – 122002, Haryana, India |
|
Tel No.: |
91-124-4284013-15 |
|
|
91-9818191035 |
|
Fax No.: |
91-124-4284016 |
|
|
|
|
Branch Office : |
Office No.106, 1st Floor, Block A, Iris Tech Park, Sector –
48, Sohna Road, Gurgaon-122001, Haryana, India |
DIRECTORS
AS ON 22.06.2012
|
Name : |
Mr. Satyabrata Das |
|
Designation : |
Director |
|
Address : |
No.41/8, Big Building, 1st Floor, T G Nagar, Nanganallur,
Near Ration Office, Chennai-600061, Tamilnadu, India |
|
Date of Birth/Age : |
02.09.1981 |
|
Date of Appointment : |
25.08.2010 |
|
DIN No.: |
03166142 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52398KA2006PTC039189
|
INDECA SPORTING
GOODS PRIVATE LIMITED |
Director |
20/06/2011 |
25/08/2010 |
Active |
NO |
|
Name : |
Mr. Stephane Andre Eugene Thierry |
|
Designation : |
Director |
|
Address : |
310/1, Ban Sin Kao Srinakarin Road, Kwang, Nongbon Khet, Prawet,
Bankok-X10250, Thailand |
|
Date of Birth/Age : |
12.12.1971 |
|
Date of Appointment : |
22.02.2012 |
|
DIN No.: |
05208948 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52398KA2006PTC039189
|
INDECA SPORTING GOODS
PRIVATE LIMITED |
Director |
22/06/2012 |
22/02/2012 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Abdul Rajak |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.06.2012
|
Names of Shareholders |
No. of Shares |
|
Sports and Technics Overseas Limited, Mauritius |
1099999 |
|
Decathlon SA, France |
1 |
|
TOTAL
|
1100000 |
AS ON 22.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sports Goods |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit |
|
|
|
|
Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|
|
|
|
No. of Employees : |
150 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
PWC Centre, 32, Khader Nawaz Khan Road, Nungambakkam, Chennai-600006,
Tamilnadu, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
Sports and Technics Overseas Limited |
|
|
|
|
Ultimate Holding Company : |
Decathlon SA |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs. 11.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs. 11.000
Millions |
|
|
|
|
|
NOTE
Of the above
1099999 equity shares are held by the holding company.
M/s Sports and Technics Overseas Limited,. 1 Share is held by the ultimate
holding company Decathlon SA.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.000 |
11.000 |
11.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
266.796 |
174.585 |
92.202 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
277.796 |
185.585 |
103.202 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
45.266 |
58.881 |
0.000 |
|
|
TOTAL BORROWING |
45.266 |
58.881 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
323.062 |
244.466 |
103.202 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.187 |
9.976 |
11.393 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.464 |
2.715 |
0.925 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
264.817
|
69.598 |
0.000
|
|
|
Sundry Debtors |
70.186
|
124.546 |
21.926
|
|
|
Cash & Bank Balances |
18.477
|
13.002 |
93.163
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.567
|
|
|
Loans & Advances |
24.993
|
82.368 |
17.208
|
|
Total
Current Assets |
378.473
|
289.514 |
132.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
63.013
|
53.001 |
38.677
|
|
|
Other Current Liabilities |
2.434
|
1.760 |
1.190
|
|
|
Provisions |
3.615
|
2.978 |
2.113
|
|
Total
Current Liabilities |
69.062
|
57.739 |
41.980 |
|
|
Net Current Assets |
309.411
|
231.775 |
90.884
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
323.062 |
244.466 |
103.202 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
875.006 |
600.800 |
213.479 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
875.006 |
600.800 |
213.479 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
743.560 |
480.006 |
168.820 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
131.446 |
120.794 |
44.659 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
39.235 |
38.412 |
26.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
92.211 |
82.382 |
18.391 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
289.658 |
172.846 |
0.000 |
|
|
|
Commission Earnings |
300.019 |
290.515 |
176.387 |
|
|
|
Shared Service Centre (SSC) Income |
20.854 |
16.482 |
0.000 |
|
|
TOTAL EARNINGS |
610.531 |
479.843 |
176.387 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
83.83 |
74.89 |
16.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
10.54
|
13.71 |
8.61
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.73
|
40.33 |
30.96
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.65 |
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16
|
0.32 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.48
|
5.01 |
3.16
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.12.2011 |
Rs.
In Millions 31.12.2010 |
|
Short Term Loans from Bank |
0.000 |
40.000 |
|
Bank Overdraft |
45.266 |
18.881 |
|
|
|
|
|
TOTAL |
45.266 |
58.881 |
|
Note |
||
|
Repayable within
one year |
45.266 |
58.881 |
NOTE
Registered office has been shifted from Survey No. 96/1 (Old No. 96), Kodathi
Village, Varthur Hobli, Sarjapur Road, Bangalore South Taluk, Bangalore –
560035, Karnataka, India to the present address w.e.f. 01.08.2013
OPERATIONS REVIEW
During the year ended December 31, 2011, the Company has achieved a
total income of Rs. 875.006 Millions as against Rs. 600.800 Millions of the
previous year and a profit of Rs. 92.212 Millions as against Rs. 82.382
Millions of the previous year.
The board is confident on improving the performance of the company and
achieving better results in the forthcoming years.
FIXED ASSETS
- Computer
- Furniture
- Office
Equipments
- Leasehold
Improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.57 |
|
|
1 |
Rs. 103.34 |
|
Euro |
1 |
Rs. 88.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.